Bitcoin dropped to the $90,000 mark to start the week, extending weekend losses as investors continued to dump tech stocks.
The price of the flagship cryptocurrency was last lower by 4% at $90,413.80, according to Coin Metrics, bringing its losses since Saturday to about 7%. Bitcoin lost 11% in the past week.
Ether lost 7% Monday and the broader crypto market, as measured by the CoinDesk 20 index, dropped more than 6%. In premarket trading, shares of Coinbase and MicroStrategy slid 4% and 5%, respectively. Mara Holdings declined 5% and Core Scientific retreated by 3%.
Crypto assets’ decline began last week after stronger-than-expected payroll numbers caused a spike in bond yields and amid concerns about President-elect Donald Trump’s tariff plans – both of which gave a boost to the dollar while pressuring bitcoin and other risk assets.
Investor sentiment was optimistic coming into 2025, with markets looking forward to having a pro-crypto Congress and White House. That hope had outweighed any concern about macroeconomic-related speedbumps, until last week.
Investors are now warning that the first quarter of this year could be more turbulent for crypto than previously anticipated.
Bitcoin’s price grew 120% in 2024 but is down 3% so far in the new year.